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Whiting Petroleum Corporation is an
energy company based in
Denver, Colorado. The Company owns
and operates oil and gas properties
primarily in the Permian Basin, Rocky Mountain, Mid-Continent,
Gulf Coast and Michigan regions of the
United States. The Company went
public in November 2003 and trades
under the symbol WLL on the New
York Stock Exchange.
Whiting's growth strategy is focused
on increasing reserves and production
per share through producing property
acquisitions, exploitation and exploration.
This strategy resulted in
the Company's reserves per share
increasing at a compound annual
growth rate of 20% and production
per share increasing at a compound
annual growth rate of 8% from the
time Whiting went public in 2003 through
2006. Whiting strives to increase
reserves and daily production through
complementary acquisitions, efficiently
exploiting its undeveloped oil and
natural gas reserves and drilling exploratory wells in its
core regions.
In its first two years as a public
company, Whiting built a quality asset
base through strategic acquisitions.
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Whiting Petroleum Corp. at Bank of America Securities Energy Conference (Replay)
11/18/09 at 10:40 a.m. ET |
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| Forward-Looking Statement Disclosure and
Non-GAAP Measures
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This website includes forward-looking statements that the Company believes to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included on this website are forward-looking statements. These forward-looking statements are subject to risks, uncertainties, assumptions and other factors, many of which are beyond the control of the Company. Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include the Company's business strategy, reserves, technology, financial strategy, realized oil and natural gas prices, production, the Company's ability to successfully integrate acquired properties, unforeseen underperformance of or liabilities associated with acquired properties, drilling of wells, uncertainty regarding the Company's future operating results and plans, objectives, expectations and intentions and other factors described in the Company's Form 10-K for the year ended December 31, 2006.
The SEC permits oil and gas companies to disclose in their filings with the SEC only proved reserves, which are reserve estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Whiting uses on this website the terms "probable" and "possible" reserves, which SEC guidelines prohibit in filings of U.S. registrants. Probable reserves are unproved reserves that are more likely than not to be recoverable. Possible reserves are unproved reserves that are less likely to be recoverable than probable reserves. Estimates of probable and possible reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by the Company. In addition, Whiting's production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.
On this website, we refer to EBITDAX and Discretionary Cash Flow, both of which are non-GAAP measures that we believe are helpful in evaluating the performance of our business. A reconciliation of EBITDAX and Discretionary Cash Flow to relevant GAAP measures can be found at the end of the General Corporate Presentation.
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